The $158 Million Payment
An independent review commissioned by Apollo Global Management and conducted by Dechert LLP found that Leon Black paid Jeffrey Epstein approximately $158 million between 2012 and 2017.
These payments were extraordinary for several reasons:
- They occurred after Epstein’s 2008 conviction as a sex offender
- They dwarfed typical financial advisory fees
- They were largely unknown to Apollo’s board and investors during the period
Stated Justification
According to the Dechert report, Black paid Epstein for:
- Estate planning and tax minimization services — Epstein allegedly helped Black reduce tax liability on his inheritance
- Financial advice — unspecified consulting on investment strategies
- Legal coordination — working with trusts and estate attorneys
The report found no evidence Black was aware of Epstein’s ongoing crimes but noted that paying a registered sex offender these sums reflected “extremely poor judgment.”
Timeline of Payments
| Year | Approximate Amount |
|---|---|
| 2012 | ~$25 million |
| 2013 | ~$30 million |
| 2014 | ~$35 million |
| 2015 | ~$25 million |
| 2016 | ~$25 million |
| 2017 | ~$18 million |
Apollo and Black’s Departure
After the Dechert review was released in January 2021:
- Black announced he would step down as Apollo CEO in July 2021
- Apollo’s stock initially fell on news of the Epstein payments
- Several major institutional investors expressed concern
- Black retained his position as non-executive chairman before eventually departing fully
The Broader Significance
The Black payments illustrated how Epstein’s model worked with elite financial figures:
- Epstein provided legitimate-seeming services to powerful men
- These relationships created mutual financial and personal entanglement
- The resulting dependency made it harder for associates to speak out against Epstein